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UBank UHomeLoan (Variable Rate)

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Enjoy a fee-free home loan with a sharp, discounted rate from a lender backed by NAB.

The UBank UHomeLoan offers a low variable interest rate, a $0 application fee and no ongoing maintenance fees. However, if you would prefer the certainty of a fixed rate home loan UBank offers the UBank UHomeLoan Fixed Rate.

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Expert review

Marc Terrano

Review by


Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

The UBank UHomeLoan allows you to refinance your current loan or purchase a new home, but it is not available for construction or business purposes. This loan is available as a full documentation loan only.

About this loan

Finder award for UBank.Winner of the 2017 finder award for Best Online Customer Service

At the 2017 finder awards, UBank won first prize in the Best Online Customer Service category, beating out such finance brands as Budget Direct, Fast Cover, Lovehoney and Teachers Mutual to take the top spot.

Customer service is a category that's often hard for borrowers to evaluate without prior experience. But it's a worthwhile point of comparison when shopping around for a home loan. After all, a mortgage is likely the largest sum of money you'll ever borrow.

Being able to access your loan account easily and get fair, friendly help from your lender makes the whole experience much better, from application to settlement and far beyond.

What are the features and benefits of the UBank UHomeLoan (Variable Rate)?

  • No fees: The UBank UHomeLoan (Variable Rate) comes with no application fees, ongoing fees or break fees if you pay the loan out early. There are also no fees for making additional payments towards your loan.
  • Unlimited free redraws: If you manage to get ahead with your repayments, UBank will allow you to withdraw additional funds as you need them. You can redraw as many times as you want for free provided that you withdraw more than $1,000 per redraw.
  • Maximum LVR: The maximum loan-to-value (LVR) of the UHomeLoan (Variable Rate) is 80%, with a loan term of up to 30 years.
  • Portability: If you decide to sell your property and buy another, this loan can be transferred provided the property is approved by UBank. This saves you time and money in having to reapply for a new loan.
  • Interest-only payments: This home loan allows interest-only repayments. Be aware, however, that making interest-only repayments will not reduce the principal on your home loan.
  • Split loan option: You can split your loan up to four times. This means you can have some of your loan calculated on a variable rate and the other portion calculated on a fixed-rate. This can save you money if interest rates rise, while giving you savings if interest rates drop.
  • Online account management: UBank is an online lender so it allows you to perform redraws and additional repayments using 'My UHomeLoan'. In addition, it provides a 24-7 customer service hotline.

What fees and charges come with this loan?

There are no ongoing, annual or applications fees charged with the UBank UHomeLoan (Variable Rate).


How to apply

If you believe the UBank UHomeLoan (Variable Rate) sounds right for you, click on the 'Go to site' button and you'll be redirected to the UBank website where you can leave your details and get in touch with a UBank mortgage expert.

The application process consists of several stages; the application, approval, verification, valuation, assessment, approval and settlement.

During the application process, you'll be asked to offer information about your income, assets, liabilities and expenses.

Does UBank offer pre-approval?

The UBank UHomeLoan offers pre-approval for new purchases only. UBank calls this 'Approval in Principle' and it lasts for 60 days.

Approval in principle takes 3-5 days to receive, and you can apply for this by clicking the green 'Go to site' button on this page and starting an application with UBank.

What documents are required?

The paperwork required for the application will depend on whether you're purchasing a property or refinancing an existing loan. However, when you apply for the UBank UHomeLoan (Variable Rate) , you'll generally need to provide:

  • Loan purpose. You'll need to specify the loan purpose (e.g. new purchase or refinance).
  • Personal details. UBank will require you to disclose your full name, date of birth, residential address and contact details. You'll need to provide a copy of your driver's license and your passport which clearly shows your signature and photo.
  • Employment details. When you apply for the UBank UHomeLoan (Variable Rate), you'll need to provide two recent payslips that specify your employer's name, the pay period and your gross or net income. You may also need to lodge a signed employer consent form. You'll need to provide evidence of other income (e.g. government payments or rental income).
  • Liabilities. You'll need to provide statements for any liabilities that you have, such as credit cards or personal loans.
  • Property details. During the application, you'll need to put forward the contract of sale. This document should identify the property type, address, purchase price, vendor's details and the signature of all parties.

Once you've completed your application, you can download the documents checklist from your application tracker.

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. A competitive variable rate loan from St.George. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate

Take advantage of a low-fee mortgage with a special interest rate of just 2.49% p.a. and a 2.49% p.a. comparison rate.

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176 Comments

  1. Default Gravatar
    Sharon
    June 29, 2019

    Hi,
    Part of my income comes from foreign rental income. Can that be included in my application and be considered in deciding how much I can borrow?
    Thanks

    • Default Gravatar
      Bella
      June 30, 2019

      Hi Sharon,

      Thanks for your inquiry.

      The required documents for the application will depend on whether you’re purchasing a property or refinancing an existing loan. However, when you apply for the UBank UHomeLoan (Variable Rate), you’ll generally need to provide:

      – Loan purpose. You’ll need to specify the loan purpose (e.g. new purchase or refinance).
      – Personal details. UBank will require you to disclose your full name, date of birth, residential address and contact details. You’ll need to provide a copy of your driver’s license and your passport which clearly shows your signature and photo.
      – Employment details. When you apply for the UBank UHomeLoan (Variable Rate), you’ll need to provide two recent payslips that specify your employer’s name, the pay period and your gross or net income. You may also need to lodge a signed employer consent form. You’ll need to provide evidence of other income (e.g. government payments or rental income).
      – Liabilities. You’ll need to provide statements for any liabilities that you have, such as credit cards or personal loans.
      – Property details. During the application, you’ll need to put forward the contract of sale. This document should identify the property type, address, purchase price, vendor’s details and the signature of all parties.

      I hope this helps.

      Kind regards,
      Bella

  2. Default Gravatar
    James
    May 29, 2019

    I’ve just settled on a property last month as an investment property. However, I changed my mind and sold my OO home and decided to use my new property as OO. I now want to refinance my investment loan into an oo loan with UBank. Does UBank credit policy allow less than 6 month history for the loan being refinanced?

    • Avatarfinder Customer Care
      Jeni
      May 30, 2019

      Hi James,

      Thank you for getting in touch with Finder.

      Kindly get in touch with UBank on this matter for a more accurate info on refinancing.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  3. Default Gravatar
    Sangeeta
    May 20, 2019

    Afternoon,

    Currently working full time and I’m a single mum. Currently, have $50000 worth of debt and my credit reporting is very good. Really wanting to purchase a new home. What is the criteria for my status?

    • Avatarfinder Customer Care
      Jeni
      May 21, 2019

      Hi Sangeeta,

      Thank you for getting in touch with Finder.

      If you consider applying for a home loan with UBank, kindly click on the green Go to site button on this page and you’ll be redirected to their official page where you may learn more on their offered services or even apply online. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      If you’re looking around and thinking to do further research on getting a home loan, you may use this page as guide on getting a home loan as a single parent. I also suggest that you seek help from a mortgage broker since you’re looking for providers that offer the best rate.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  4. Default Gravatar
    Teresa
    January 29, 2019

    Does this home loan apply for owner occupier and investment properties?

    • Avatarfinder Customer Care
      John
      January 30, 2019

      Hi Teresa,

      Thank you for reaching out to finder.

      The UBank UHomeLoan allows you to refinance your current loan or purchase a new home, but it is not available for construction or business purposes. This loan is available as a full documentation loan only and for owner occupier applications. Hope this helps!

      Cheers,
      Reggie

  5. Default Gravatar
    Essbee
    December 18, 2018

    Hi,
    I earn income through contract work rather than as a permanent employee, and have done so consistently for years – does this impact on my chances of getting a loan, even if I have a deposit ready and have ongoing income?

    • Avatarfinder Customer Care
      May
      December 20, 2018

      Hi Essbee,

      Thanks for reaching out.

      Well, your chances of getting approved for a home loan would entirely depend on the lender’s overall assessment of your financial situation which is not limited to your employment, salary, other debts and liabilities, assets and even including your credit worthiness. You’d be able to know your chances of approval by contacting your lender and confirm your eligibility. It may also help to speak with a mortgage broker who can also take your circumstances into account and help you find a suitable home loan.

      Cheers,
      May

  6. Default Gravatar
    RW Shields
    December 14, 2018

    What are the total settlement costs including valuation and legal fees and application fees

    • Avatarfinder Customer Care
      John
      December 17, 2018

      Hi RW Shields,

      Thank you for reaching out to finder.

      Clicking Go to site will take you to the lender’s website.

      After completing the contact form, a mortgage expert will contact you.

      The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees.

      After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan. The page we are on gives you the general fees associated with taking out a loan with UBank. Hope this helps!

      Cheers,
      Reggie

  7. Default Gravatar
    AnnB
    December 5, 2018

    I own my own home but would like to help my adult daughter buy her own home. Could I take out a mortgage on my house – I am 71.

    • Avatarfinder Customer Care
      May
      December 10, 2018

      Hi AnnB,

      Thank you for getting in touch with finder.

      Sorry for the delay. Just to confirm, you’d like to be a guarantor for your daughter and will use your own home as a security for loan application? If so, yes you can do that, but you’d need to speak to a mortgage broker who can take your circumstance into account, especially that you’re already 71 years of age. The brokers will be able to help you with your daughter’s borrowing options as well.

      In the meantime, you might find our guide here on guarantor home loan useful for comparing your options for your daughter. From that page you can also find details how guarantor home loan works and learn the benefits of this type of home loan.

      Hope this has helped.

      Cheers,
      May

  8. Default Gravatar
    Noel
    December 4, 2018

    Do you loan to small business owners as I have an investment property I am interested in refinancing next year ($480K to be borrowed valued at around $750k) which is currently with ING. Business has been in operation for over 10 years and annual income taxable income is around $350k per annum which is split to a family trust. As such I am not a paye.

    • Avatarfinder Customer Care
      May
      December 10, 2018

      Hi Noel,

      Thanks for your question.

      Yes, Ubank offers refinancing home loans even for small business owners. If you like to apply, you can visit their website directly by clicking the ‘Go to site’ button above. You can also contact them directly if you want to discuss your loan options.

      In case you would also want to check other lenders for refinancing your investment property, you can check your options on this page. In the table from that page, different brands were listed then you can sort them according to interest, LVR, fees, etc. You can then click on the ‘Go to site’ button if you wish to get redirected to the lender’s main page.

      Meanwhile, you’d be best to get in touch with a mortgage broker who can also take your circumstance into account and offer you a wide range of refinancing options for your investment property.

      Hope this helps.

      Cheers,
      May

  9. Default Gravatar
    George
    November 12, 2018

    Where can i get a house loan or approved loan for $100,000 .
    I have $300,000 towards the house purchase & we are on an aged pension $1420 fortnight for husband & wife team , the house should be valued at well over $400,000 + when finished

    • Avatarfinder Customer Care
      Joshua
      November 25, 2018

      Hi George,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      The minimum borrowing amount for UBank is $200,000. However, you might still check with them if they can accommodate your need.

      Generally, if you’re an pensioner, your situation might limit available options. Most lenders would like their borrowers to have a certain level of stable income and pensioners are more likely to have a lower monthly income. However, if you have assets that you can use a guarantee or collateral, this could increase your chance of getting approved.

      To learn more about how you can obtain a home loan as an aged pensioner, please go to this PAGE. Next, it would also be a good idea to discuss your eligibility with your chosen lender. Finally, please don’t hesitate to speak to a mortgage broker to further explore your options.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  10. Default Gravatar
    Munir
    November 1, 2018

    I am an Australian Citizen currently working overseas will like to apply a mortgage for investment property. May you please advise how to proceed with my application?

    • Avatarfinder Customer Care
      John
      November 1, 2018

      Hi Munir,

      Thank you for leaving a question.

      Please see the eligibility requirements for taking out a UBank UHomeLoan below:

      Currently be earning a Pay As You Go (PAYG) income from an employer (this excludes rent, Centrelink payments, superannuation or family payments as your main source of income).
      Never have committed a financial crime or declared bankruptcy.
      Be an Australian resident with an Australian residential address.

      With all of this in mind, applying for this loan is simply clicking on the “Go to site” button on this page to be routed to the application page for the UHomeLoan. Hope this helps!

      Cheers,
      Reggie

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